Rapid innovation ‘putting customer experience at risk’

More than three quarters of financial services CIOs believe that the pace of digital innovation is putting customer experience at risk.

A new study from software intelligence firm Dynatrace found that on average, financial services organisations release new software updates twice per working hour, as they try to keep up with competitive pressures and soaring customer expectation.

Nine in 10 financial services CIOs said that they will need to release updates even faster in the future, but believe that the speed of releases can come at a cost. Nearly two-thirds of these financial services CIOs admitted they are forced to compromise between faster innovation and the need to ensure customers have a great software experience.

“Every organization on the planet is a software company these days, including financial services organizations. Market leaders are releasing multiple software updates every second to enhance customer experience. Consequently, the modern approach to delivering software is about agile, fast development cycles and releasing into dynamic, hybrid multi-cloud environments,” said Andreas Grabner, DevOps activist at Dynatrace.
“Yet end users also expect the steady flow of new features and updates to work perfectly, without compromise. The challenge for financial services IT teams is to deliver fast, while moving to a cloud native architecture and maintaining user experience.”

The study found that ensuring cloud performance is not negatively impacted is the top struggle for 69 per cent of CIOs, followed by identifying the benefits of moving to the cloud (57 per cent), understanding if an application is suited to the cloud (57 per cent), and moving legacy systems to the cloud (51 per cent).

In addition, 78 per cent of financial services CIOs said their organisation has experienced IT project delays that could have been prevented if development and operations teams were able to easily collaborate.

“The challenge for all financial services organizations is to get a holistic view of the DevOps pipeline – from code to experience. As DevOps has matured, enterprises are looking to automate and integrate their software development to release faster, with higher quality, and with less manual effort,” concluded Grabner.

    Share Story:

Recent Stories

Safeguarding economies: DNFBPs' role in AML and CTF compliance explained
Join FStech editor Jonathan Easton, NICE Actimize's Adam McLaughlin and Graham Mackenzie of the Law Society of Scotland as they look at the role Designated Non-Financial Businesses and Professions (DNFBPs) play in the financial sector, and the challenges they face in complying with anti-money laundering and counter-terrorist financing regulations.

Ransomware and beyond: Enhancing cyber threat awareness in the financial sector
Join FStech editor Jonathan Easton and Proofpoint cybersecurity strategist Matt Cooke as they discuss the findings of the State of the Phish 2023 report, diving into key topics such as awareness of cyber threats, the sophisticated techniques being used by criminals to target the financial sector, and how financial institutions can take a proactive approach to educating both their employees and their customers.

Click here to read the 2023 State of the Phish report from Proofpoint.

Cracking down on fraud
In this webinar a panel of expert speakers explored the ways in which high-volume PSPs and FinTechs are preventing fraud while providing a seamless customer experience.

Future of Planning, Budgeting, Forecasting, and Reporting
Sage Intacct is excited to present FSN The Modern Finance Forum’s “Future of Planning, Budgeting, Forecasting, and Reporting Global Survey 2022” results. With participation from 450 companies around the globe, the survey results highlight how organisations are developing their core financial processes by 2030.